FG Concedes King’s College to Alumni as KCOBA Launches ₦100bn Fund

The Federal Government has approved a concession agreement granting management rights of King’s College, Lagos to the King’s College Old Boys’ Association, KCOBA.

Announcing the development at a press conference at the Metropolitan Club in Victoria Island on Monday, KCOBA President, Alhaji Kashim Ibrahim-Imam, described the transfer as a pivotal moment in the institution’s 116-year history.

He stressed that the agreement does not amount to a sale or privatization, but rather an innovative public-private governance framework aimed at rehabilitating, modernizing and sustaining the prestigious institution through collaboration with the state.

Addressing concerns over accessibility, the association said the transition will not alter the school’s founding mission or diversity. The college, it stated, will maintain its federal character, with admissions remaining open to students from all socio-economic, ethnic and religious backgrounds across Nigeria.

To ensure the overhaul does not burden parents, KCOBA has launched a ₦100 billion collegium fund to shield families from fee increases and finance extensive structural upgrades.

*7-Pillar Modernization Plan*

The modernization blueprint is anchored on a seven-pillar strategy focused on infrastructure renewal, digital transformation and governance reforms.

KCOBA said it plans to rehabilitate campus architecture, including laboratories, hostels, libraries and sports complexes, and introduce advanced educational technologies such as AI-assisted learning, robotics hubs, coding programs and campus-wide broadband.

A new King’s College Education Trust has been established to oversee long-term administration. Elder statesman, Alhaji Femi Okunnu, SAN, will serve as President of the college, while businessman, Sunny Kuku, will serve as Vice President.

*₦100bn Fund, Key Backers*

Financial backing for the project has attracted commitments from prominent stakeholders. 

The ₦100 billion fund will be chaired by the Emir of Kano, Muhammadu Sanusi II, with economist and businessman, Atedo Peterside, as Vice Chairman. Former Senate President, Dr. Bukola Saraki, is also listed as a key participant.

Ibrahim-Imam announced a personal donation of ₦1 billion. Alhaji Okunnu and Chief Philip Asiodu each donated ₦100 million.

The association called on corporate organizations, global development partners and the school’s international alumni network to contribute resources, mentorship and expertise to secure the institution’s legacy.